18 May 2021, GBP/USD
Technical observation
On the 4 hour chart above, price retraced to a supportive zone 1.4008-1.4001, but did break below it, it was contained above the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance level 1.4236 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by another correction to the zone I mentioned above. If you bought this pair within 1.4008-1.4001 and is currently long, remain in the trade with your take profit at 1.4236 and stop loss at 1.3950.Should there be a clear breakout below 1.4008-1.4001, I expect a momentum to the lower side.
Trade recommendation
Remain long with your take profit at 1.4236.
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